New Delhi. Manoj Gaur, Managing Director of Jaypee Infratech Limited, has been arrested by ED. This action has been taken in a money laundering case involving Rs 12,000 crore. The Enforcement Directorate alleges that the money taken from home buyers in real estate projects by Jaypee Associates Limited and its associated companies was used in other projects. Due to this fraud, the money of many investors is stuck and they are facing huge losses. Earlier in May this year, ED had raided about 15 locations of Jaypee Infratech, Jaypee Associates and their associated companies in Delhi, Mumbai and other major cities.
During the investigation, ED got hold of many important documents. Apart from this, cash worth Rs 1.70 crore along with digital devices and bank records was also seized by the Enforcement Directorate. This matter came to light when home buyers unitedly demonstrated against the builder and demanded their stuck money, after which several FIRs related to this were registered in the year 2017. It is alleged that home buyers were made to invest in projects like JP Wishtown, JP Greens of Noida and were promised delivery of flats in 3 years, but even after 10 to 15 years, home buyers are empty handed.
The arrest of Manoj Gaur is a big action in this case. It is believed that the investigation related to this case will accelerate further. Efforts are being made by the Enforcement Directorate to find out how much amount was actually misappropriated and who are responsible for it. Apart from this, the Enforcement Directorate is now investigating the entire matter through attachment of properties and financial tracking of the group.
